In June the Teranet–National Bank National Composite House Price IndexTM was up 2.7% from the previous month. This was close to a record but was the first time since January in which the monthly gain decelerated from the month before (May +2.8%). The June index was led by five of the 11 constituent markets: Ottawa-Gatineau (4.0%), Hamilton (3.8%), Victoria (3.6%), Halifax (3.5%) and Montreal (3.4%). Rises for Vancouver and Toronto matched the countrywide average. Rises were more moderate for Calgary (1.4%), Winnipeg (1.3%), Quebec City (1.3%) and Edmonton (1.1%). It was the fourth consecutive month in which all 11 markets of the composite index were up from the month before.
The June rise was consistent with the increase in number of home sales over the last several months as reported by the Canadian Real Estate Association. For a 10th straight month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier. However, the most recent statistics show a moderation in the number of home sales, which could mean a slowing of price rises in the coming months.
- Composite 11
- All Metropolitan Indices
- British Columbia
- New Brunswick
- Nova Scotia
The June composite index was up 16.0% from a year earlier, an 11th consecutive acceleration and the strongest 12-month gain on record. The 12-month rise was led by five markets – Halifax (30.8%), Hamilton (28.0%), Ottawa-Gatineau (25.8%), Montreal (19.4%) and Victoria (18.5%). Lagging the countrywide average were Toronto (15.9 %), Vancouver (14.7%), Quebec City (10.8%), Winnipeg (9.9%), Calgary (6.0%) and Edmonton (5.5%).
Besides the Toronto and Hamilton indexes included in the countrywide composite, indexes exist for seven smaller urban areas of the Golden Horseshoe – Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough. In May all seven were up from the previous month and from a year earlier. The 12-month gains ranged from 30.0% for Peterborough to 35.4% for Barrie.
Indexes not included in the composite index also exist for 13 markets outside the Golden Horseshoe. Seven of them are in provinces other than Ontario: Abbotsford-Mission and Kelowna, B.C.; Lethbridge, Alberta; Trois-Rivières and Sherbrooke, Quebec; and Moncton and Saint John, New Brunswick. In June all of these indexes were up from the previous month, with Moncton (+4.7%) and Trois-Rivières (+4.5%) standing out. All seven were also up from a year earlier, their gains ranging from 2.0% for Lethbridge to 29.6% for Abbotsford-Mission.
Of the six markets in Ontario outside the Golden Horseshoe – London, Kingston, Belleville, Windsor, Thunder Bay and Sudbury – all were up from the previous month and from a year earlier. The 12-month gains ranged from 18.8% for Thunder Bay to 34.7% for Belleville.
 The Teranet–National Bank House Price Index is based on the repeat-sales method, i.e. on the change in price between the two most recent sales of properties that have been sold at least twice.
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Economics and Strategy Group
National Bank of Canada
Groupe économie et stratégie
Banque Nationale du Canada